Introduction to Business Analytics and Data Analysis Tools

Abstract

There is an ever-increasing need for advanced information and decision support systems in today’s fierce global competitive environment. The profitability and the overall business can be managed better with access to predictive tools—to predict, even approximately, the market prices of raw materials used in production, for instance. Business analytics involves, among others, quantitative techniques, statistics, information technology (IT), data and analysis tools, and econometrics models. It can positively push business performance beyond executive experience or plain intuition.